Cryptocurrency

[Drei]

Not true.

The banks are using the Ripple protocol and nothing else. The banks will not use the tokens to transfer money. It says so on the Ripple website. Some banks are storing money on Ripple to hold wealth, but that's it. All those people buying Ripple believing they've got something the banks want in years to come...

Makes sense then, so I guess the longevity for Ripple is nowhere near what the other coins have. What is the long term appeal for them then?

Din't you see the signs?!

Peach becomes first Japanese airline to accept bitcoin


Japan Legalization a Gamechanger For Bitcoin

I did but no one that has Bitcoins will purchase anything from these sellers, like I said, the only people that will benefit is the ones receiving the payment (the sellers).
Example: I buy 2 tickets yesterday with 2 Bitcoins total price $2200, today the ticket would be $2700 but the ticket price remains $2200 so if I used a credit card buying yesterday or today the value is still $2200. Not with Bitcoins obviously, this means that just by paying with Bitcoins I would have made a $500 loss on that purchase. Every purchase I will make with Bitcoins will result in a depreciation of %20 on a daily basis if we go by the recent trend or by %5 on a daily basis going back to last week. It makes no sense whatsoever to use Bitcoins as a currency.

Challenge accepted. Supply and demand. Next...

Just like gold there's a finite supply of these things. For as long as that is the case and a 'use case' for them grows, as it is in Japan, their value will increase.

I am going to need a better answer.

Well unfortunately Gold, Fossil Fuels, Clean Air etc have a limited supply and high demand because they are physical things produced and the supply is high because the amount of people needing it is high... I am not really sure how an invisible made up thing on a text file has the same impact. Not sure I can put Bitcoins in my car to make it move, make me breath or allow me to make jewelry out of it.

Let's assume that the currency of the world is gone, at that point what will the Bitcoin value be? You have no real money to base it against so what is the value, can you eat it? You can trade it I guess but how many Bitcoins to 1 grain of rice? I would assume that Gold would be a lot more valuable then. This is exactly like tulip craze of 1634.
What if we get hit by some EMP event what will Botcoins have to offer then?


Let's be honest here Scoot, we are intelligent, educated older people, it is a long term Ponzi Scheme no matter how shiny anyone makes it sound, still a piece of turd. I sure as hell wouldn't mind making money out of turd but I wouldn't believe in the turd I sell.

Do you remember this joke?

A city boy, Kenny, moved to the country and bought a donkey from an old farmer for $100. The farmer agreed to deliver the donkey the next day.

The next day the farmer drove up and said: “Sorry son, but I have some bad news. The donkey died.”

Kenny replied, “Well then, just give me my money back.”

The farmer said, “Can’t do that. I went and spent it already.”

Kenny said, “OK, then just unload the donkey.”

The farmer asked, “What ya gonna do with him?”

Kenny: “I’m going to raffle him off.”

Farmer: “You can’t raffle off a dead donkey!”

Kenny: “Sure I can. Watch me. I just won’t tell anybody he is dead.”

A month later the farmer met up with Kenny and asked, “What happened with that dead donkey?”

Kenny: “I raffled him off. I sold 500 tickets at $2 a piece and made a profit of $998.00.”

Farmer: “Didn’t anyone complain?”

Kenny: “Just the guy who won. So I gave him his $2 back.”

[psychocandy]

Did you use an exchange?

bittrex

[AtW]

I did but no one that has Bitcoins will purchase anything from these sellers, like I said, the only people that will benefit is the ones receiving the payment (the sellers).
Example: I buy 2 tickets yesterday with 2 Bitcoins total price $2200, today the ticket would be $2700 but the ticket price remains $2200 so if I used a credit card buying yesterday or today the value is still $2200. Not with Bitcoins obviously, this means that just by paying with Bitcoins I would have made a $500 loss on that purchase. Every purchase I will make with Bitcoins will result in a depreciation of %20 on a daily basis if we go by the recent trend or by %5 on a daily basis going back to last week. It makes no sense whatsoever to use Bitcoins as a currency.

Yes kiddos, and that's why all Govts want to make sure there is inflation in the economy.

[Drei]

Yes kiddos, and that's why all Govts want to make sure there is inflation in the economy.

To me it seems that cryptocurrency is much much worse than the entity it is trying to combat (global Gov and Banks). I am hoping that there won't be any kind of %2000 inflation.

Ethereum price is up 2,000% this year. Here's why

[Drei]

bittrex

I just signed up. How do you trade? Do I need bitcoins or can I use money? I might have to go through a verification process here too...

[scooterscot]

Makes sense then, so I guess the longevity for Ripple is nowhere near what the other coins have. What is the long term appeal for them then?

Please tell me when you discover that. From my point of view the number of users is limited to the number of banks that choose to use. Whereas the demand for something like Stellar is limited to the number of individuals, since they'll be focusing on micro transactions as well as bank. Furthermore they aim to be truly decentralised.

[scooterscot]

I did but no one that has Bitcoins will purchase anything from these sellers, like I said, the only people that will benefit is the ones receiving the payment (the sellers).
Example: I buy 2 tickets yesterday with 2 Bitcoins total price $2200, today the ticket would be $2700 but the ticket price remains $2200 so if I used a credit card buying yesterday or today the value is still $2200. Not with Bitcoins obviously, this means that just by paying with Bitcoins I would have made a $500 loss on that purchase. Every purchase I will make with Bitcoins will result in a depreciation of %20 on a daily basis if we go by the recent trend or by %5 on a daily basis going back to last week. It makes no sense whatsoever to use Bitcoins as a currency.

How is this different from buying a Mac book in New York for $1299 and paying £1450 (ps WTH?) in the UK for the same product? Sellers price in the volatility.

PS: you ticket is the price you paid for it. Not some future valuation in the currency you used. This is the same with all currencies.

It makes no sense whatsoever to use Bitcoins as a currency.

Oh yes it. A payment to say Air Asia from you UK takes 1-2 days to complete. Incurring transaction fees along the way. Blockchain abolishes the need for SWIFT, thereby completing the transaction in minutes.

[scooterscot]

it is a long term Ponzi Scheme no matter how shiny anyone makes it sound, still a piece of turd. I sure as hell wouldn't mind making money out of turd but I wouldn't believe in the turd I sell.

95% of Cryptocurrencies out there are unlikely to deliver any real world value.

The remaining 5% will. There remains many unbanked people throughout the world because it simply makes no sense for the banks to finance operating an account for someone earning $50 a month. If something like Stellar allows you to pay for your coffee in Starbucks directly to the man or woman who nurtured the crop in central America or Africa, then I call that progress.

One such example:

https://www.fastcompany.com/40405379...ify-your-beans

[Drei]

95% of Cryptocurrencies out there are unlikely to deliver any real world value.

The remaining 5% will. There remains many unbanked people throughout the world because it simply makes no sense for the banks to finance operating an account for someone earning $50 a month. If something like Stellar allows you to pay for your coffee in Starbucks directly to the man or woman who nurtured the crop in central America or Africa, then I call that progress.

One such example:

https://www.fastcompany.com/40405379...ify-your-beans

He expects the kiosk to cost about $1,500 a time.

I wonder if the South American farmers have seen that amount in their life... so based on this there is no way that the product can get watered down in transport whatsoever? The buyer is guaranteed 100% tracking of that bean from farmer to vendor without any middle man being able to intervene during the transport. Not sure I believe that))

How is this different from buying a Mac book in New York for $1299 and paying £1450 (ps WTH?) in the UK for the same product? Sellers price in the volatility.

Sure but at least you have the option of buying it in New York for half the price. Remember you are entering a whole other discussion. There are still countries in the EU where the average salary is 300 Euros a month yet the Mac Book costs the same there. The only way to fix this inequality is to have 1 central currency where everyone knows 1 hour of work is equal to 10 bitcoins or whatever. Salaries defined and standardised across the world, stop companies going to India for cheap labour if a techie in India would charge the same as the one in UK.

Oh yes it. A payment to say Air Asia from you UK takes 1-2 days to complete. Incurring transaction fees along the way. Blockchain abolishes the need for SWIFT, thereby completing the transaction in minutes.

You know right now it takes almost a month for people to get their bitcoin transactions confirmed? Not to mention that there are plenty of fees charged by exchanges and different wallets. The whole process is not quite as "great" as it seems on paper. Look how hard it is for us to be able to buy these coins, doubt the technology retarded farmer in SA will be able to get on-board.


I don't know, my mind is probably to small to comprehend this whole thing. On paper it all looks great. So far I have not seen any evidence of its use to help and benefit anyone besides the people investing in it. Give me some links to reality not theory what it "can do" but what it "is doing" right now. At the moment all I see is greed and speculation.

On the other hand investing in this crazyness seems a good way to make some cash.


SIA COINS MINING
P.S. If anyone here decides to get the Sia miner from the official site, it looks like it takes forever to get synced up with the network, expect to wait a whole day for that to happen, also you need Microsoft C++ 2013 Redistributable (x86 32bit or x64 64 bit depending on your system). As I tend to leave my PC on for downloading and other crap I will see how this goes.

[vadhert]

Bought some minexcoin today on ICO. will see if a pump and dump wave comes along.